GBP/USD rose to a near 7-month high

Today, there is a steady upward trend on the hourly chart of GBP/USD, which began after the formation of the base in the area of 1.2710. After the breakdown of the resistance level of 1.2865, the price gained a foothold higher and continued to grow steadily, reaching a 7-month high of 1.3290. The MACD indicator continues to show positive values, which indicates continued bullish momentum. The histogram remains above the zero mark, and the signal line indicates a possible continuation of the upward movement, despite a slight pause in growth. The moving average is directed upwards and significantly lags behind current prices, confirming the long-term dominance of buyers and the strength of the trend. The price is confidently holding above this average, which confirms the stability of the upward movement. The overall technical background for GBP/USD remains positive. The 1.3290 level acts as the nearest resistance, its breakdown may open the way to new local highs. In case of correction, the support level will be 1.3205, followed by 1.3115. As long as the price remains above the 1.3115 level, a bullish scenario prevails.

Resistance levels are: 1.3290, 1.3360, 1.3435

Support levels are: 1.3205, 1.3115, 1.3030

The main scenario for the pair's advance suggests a breakout of the session high of 1.3290 and there may be an increase to 1.3360 (Sep 23 high)

An alternative scenario implies a breakout of the support 1.3205 (April 3 and 14 high) and a decline of 1.3115 (April 4 high).